In 2022, the SECURE 2.0 Act included significant changes to retirement catch-up contributions. Originally scheduled to be effective after December 31, 2023, it will go into effect after December 31, 2025, because plan administrators needed more time to implement the changes.

The new regulations require that if a 401(k) plan permits Roth contributions, participants who are age 50 or older can make additional catch-up contributions, but they must be designated as Roth contributions if their FICA wages for the preceding calendar year exceeded $145,000. However, this amount is indexed for inflation annually. Therefore in 2025, the Roth treatment of catch-up contributions will be for participants whose FICA wages exceeded $150,000…

Beginning on January 1, 2025, brokers are required to report gross proceeds from digital asset sales on the new Form 1099-DA…

Protecting your personal tax data is a top priority at Kakenmaster & Associates.  As we approach the tax season, we would like to review a few ways that will help ensure the security of sensitive tax information….

Wondering if you should invest in a Roth IRA, a traditional IRA, or both?…

On July 19, 2024, the IRS issued final rules on required minimum distributions (RMDs) for non-spouse beneficiaries who inherit individual retirement accounts (IRAs)….